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Economists declare recession, stock market disagrees

Published: Jun. 9, 2020 at 9:36 AM EDT|Updated: Jun. 9, 2020 at 8:53 AM EDT
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LEXINGTON, Ky. (WKYT) - The stock market has surged back to completely erase all the losses suffered earlier this year. The bears have gone away and a new bull market is taking place. Josh Smith, a financial advisor of Strategic Wealth Designers joined the newscast to break down what is going on in the markets. From certain stocks being a great buy right now, to highlighting the recession announcement by economists this week, Smith said the landscape right now is unprecedented.

“Covid 19 is turning out to be a lesser threat than initially forecast, just yesterday the WHO came out and said Coronavirus doesn’t spread almost every from asymptomatic people,” Smith said. “The market believes it has already priced in the worst we are going to see and stocks are responding with a surge” Smith believes unless a mass outbreak of Coronavirus were to jumpstart itself across the United States again, the worst for financial investors is behind us. Consumers are showing a greater willingness to get back on airplanes as air travel has steadily picked up the last month and commute times have restarted with more workers going back to their offices.

Smith says there still is time to potentially see some great value buys in the stock market if you have some extra money set aside for investing. “Wealth Managers are jumping back into the market heavily right now, airline stocks, cruise ship stocks, hotels and attractions like Disney are all seeing big growth and you at home could consider opting to put some of your financial investments into some of the depleted stocks as well,” Smith noted. To learn more about positioning your financial plan and wealth management strategy visit wkyt.com/business.

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